Recovery in shares continued as key benchmark indices were trading near the flat lines in mid-morning trade. At 11:17 IST, the barometer index, the S&P BSE Sensex, was down 10.35 points or 0.04% at 25,668.58. The Nifty 50 index was up 3.80 points or 0.05% at 7,858.85.
The Sensex rose 0.29 points at the day's high of 25,679.22 in mid-morning trade. The index fell 129.88 points, or 0.51% at the day's low of 25,549.05 in early trade, its lowest level since 13 April 2016. The Nifty rose 5.70 points, or 0.07% at the day's high of 7,860.75 in mid-morning trade. The index fell 32.50 points, or 0.41% at the day's low of 7,822.55 in early trade, its lowest level since 13 April 2016.
The market breadth indicating the overall health of the market was positive. On BSE, 1,193 shares rose and 812 shares fell. A total of 140 shares were unchanged. The BSE Mid-Cap index was currently up 0.34%. The BSE Small-Cap index was currently up 0.42%. Both these indices outperformed the Sensex.
In overseas markets, most Asian stocks edged lower after oil prices eased and as investors braced for central bank policy meetings in the United States and Japan later this week. The Bank of Japan (BOJ) holds a two-day monetary policy meeting on Wednesday, 27 April 2016 and Thursday, 28 April 2016. Market participants are becoming more confident in their expectations of further easing from the Bank of Japan. The BOJ in January decided to begin charging 0.1% interest on some bank reserves parked with the institution, in a bid to kick-start the economy and pull it out of two decades of deflation.
US stock prices fell yesterday, 25 April 2016, as weaker oil prices weighed on energy shares. The US Federal Reserve holds a two-day policy meeting on Tuesday, 26 April 2016 and Wednesday, 27 April 2016. As per market expectations, the Fed is likely to hold rates steady this week. The Fed statement could provide clues on the future path for interest rates.
Capital goods shares were mixed. Havells India (up 1.39%), Bharat Heavy Electricals (up 1.23%), BEML (up 0.88%), Praj Industries (up 0.86%), Crompton Greaves (up 0.84%), Reliance Defence and Engineering (up 0.75%), Bharat Electronics (up 0.34%), Jindal Saw (up 0.23%), Suzlon Energy (up 0.21%), Punj Lloyd (up 0.15%) and SKF India (up 0.02%), edged higher. Larsen & Toubro (down 0.01%), Siemens (down 0.29%), AIA Engineering (down 0.84%), ALSTOM India (down 0.85%), Lakshmi Machine Works (down 0.91%), Thermax (down 0.97%) and Alstom T&D India (down 1.5%), edged lower.
ABB India lost 4.11% to Rs 1,290.85 as the company at the time of announcing Q1 March 2016 results reported a 1.4% decline in its order inflow at Rs 1830 crore over corresponding previous quarter. ABB India said that large orders, especially those based on industry capex, remained scarce as customers continued to delay investment decisions on low demand and under-utilized capacity. The company's order backlog stood at Rs 7804 crore as on 31 March 2016. ABB India's net profit rose 31.5% to Rs 71 crore on 10.2% growth in revenue to Rs 2000 crore in Q1 March 2016 over Q1 March 2015. The company attributed the growth in bottom line during the quarter to continuous focus on localization and engineering, while improving operational efficiences. The result was announced after market hours yesterday, 25 April 2016.
Tata Sponge Iron lost 3.11%, with the stock sliding on profit booking after the company announced strong Q4 March 2016 results. Shares of Tata Sponge Iron had witnessed a pre-result rally. The stock had surged 11.3% in the preceding five trading sessions to settle at Rs 570.40 yesterday, 25 April 2016 from its close of Rs 512.45 on 13 April 2016. Tata Sponge Iron's consolidated net profit rose 49.47% to Rs 12.81 crore on 12.43% decline in net total income from operations to Rs 140.39 crore in Q4 March 2016 over Q4 March 2015. The company achieved an impressive growth in its bottom line during the quarter despite a sharp decline in other income or non-operational income. Other income declined 53.61% to Rs 10.92 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours yesterday, 25 April 2016.
Glenmark Pharmaceuticals rose 0.54% after the company received tentative approval from the USFDA for a drug, which is a generic version of Lo Loestrin Fe Tablets. The announcement was made before market hours today, 25 April 2016. Glenmark Pharmaceuticals said that its US arm, Glenmark Pharmaceuticals Inc., USA has been granted tentative approval by the United States Food & Drug Administration (USFDA) for Norethindrone Acetate and Ethinyl Estradiol Tablets USP, 1 mg/0.01 mg, Ethinyl Estradiol Tablets USP, 0.01 mg and Ferrous Fumarate Tablets, 75 mg. The drug is a generic version of Lo Loestrin Fe (norethindrone acetate and ethinyl estradiol, ethinyl estradiol and ferrous fumarate) Tablets of Allergan Pharms Intl.
Glenmark will market this product upon receiving final approval of its Norethindrone Acetate and Ethinyl Estradiol Tablets USP, 1 mg/0.01 mg, Ethinyl Estradiol Tablets USP, 0.01 mg and Ferrous Fumarate Tablets, 75 mg Abbreviated New Drug Application (ANDA). The patent listed in the Orange Book for Lo Loestrin Fe (norethindrone acetate and ethinyl estradiol, ethinyl estradiol and ferrous fumarate) Tablets is scheduled to expire on 2 February 2029. According to IMS Health sales data for the 12 month period ended February 2016, the Lo Loestrin Fe achieved annual sales in US of approximately $432.2 million.
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